香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 WANKA ONLINE INC. 萬 咖 壹 聯 有 限 公 司 * （於開曼群島註冊成立的有限公司） （股份代號：1762） 自願性公告 全面合作備忘錄 根據全面合作備忘錄，本集團及阿里雲預期於以下領域展開合作，包括： 合作內容 與阿里雲簽訂全面合作備忘錄共建「AI+營銷」全球化智能體生態 本公告由萬咖壹聯有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作出，以知會本 公司股東（「股東」）及潛在投資者本集團的最新業務進展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於二零二五年八月二十九日，本集團間接非 全資附屬公司蘇州龍盈軟件開發有限公司與阿里雲計算有限公司（「阿里雲」）正式簽訂全面合作 備忘錄（「備忘錄」）。本公司與阿里雲正式達成全面合作，依託阿里雲通義千問（「通義千問」） 大模型及全球雲基礎設施，結合本集團在移動廣告及手機廠商生態的深厚積累，共同打造「AI營銷 智能體」與「AI手 ...

Core Viewpoint - Wanka Yilian (01762) experienced a significant stock increase of over 14%, reaching 1.05 HKD, with a trading volume of 41.41 million HKD, following the announcement of its interim results for the first half of 2025 [1] Financial Performance - The company reported total revenue exceeding 1.713 billion RMB, representing a substantial year-on-year growth of 39.0%, with overseas revenue increasing even more dramatically by 439% [1] - Gross profit was approximately 177 million RMB, reflecting a year-on-year increase of 29.2% [1] - Adjusted net profit was around 51.81 million RMB, indicating a continuous enhancement in profitability [1] Strategic Initiatives - The company is actively embracing the ecological transformation brought by AI smartphones, exemplified by the iPhone 17, and is collaborating with Alibaba Cloud to develop AI agents based on AI smartphones [1] - Wanka Yilian aims to become a pioneer in the AI smartphone advertising sector [1] - The company is also exploring innovations in digital assets, including stablecoin payments and RWA Token issuance [1]

Core Viewpoint - The company, Wanka Yilian (01762), has entered a new phase of explosive growth, with significant increases in revenue and overseas income, solidifying its leading position in the Chinese market [1][2] Financial Performance - Total revenue reached approximately 1.713 billion RMB, representing a year-on-year growth of 39% [1] - Overseas revenue experienced a remarkable increase of 439% [1] - Gross profit recorded around 177 million RMB, up by 29.2% year-on-year [1] - Adjusted net profit was approximately 51.81 million RMB, indicating enhanced profitability [1] Strategic Transformation - The company's strategic shift from "technical accumulation" to "ecological win-win" has contributed to its financial success [1] - The integration of AI technology into advertising has improved efficiency and created tangible business value for clients [1] International Expansion - The company has effectively captured overseas opportunities, with self-developed games' overseas sales accounting for 33.62% in 2024 [2] - The overseas business has become one of the fastest-growing segments, driven by multi-regional and multi-lingual promotional capabilities [2] Future Outlook - The company is embracing the ecological changes brought by AI smartphones, aiming to be a pioneer in AI smartphone advertising [2] - Plans to explore innovations in digital assets, including stablecoin payments and RWA Token issuance, are underway [2]

Core Insights - The company, Wanka Yilian, reported a significant growth in its mid-term performance for the first half of 2025, with total revenue reaching approximately 1.713 billion RMB, a year-on-year increase of 39% [1] - Overseas revenue saw an impressive growth of 439%, marking a new phase of explosive growth for the company and solidifying its leading position in the Chinese market [1] Financial Performance - Total revenue surpassed 1.713 billion RMB, reflecting a substantial year-on-year growth of 39% [1] - Gross profit recorded around 177 million RMB, with a year-on-year increase of 29.2% [1] - Adjusted net profit was approximately 51.81 million RMB, indicating a continuous enhancement in profitability [1] Strategic Transformation - The company's strategic shift from "technical accumulation" to "ecological win-win" has contributed to its remarkable financial performance [1] - Wanka Yilian is leveraging AI technology by integrating leading models from Alibaba Cloud into its advertising processes, enhancing efficiency and creating tangible business value [1] International Expansion - The company has effectively captured overseas opportunities, with self-developed games' overseas sales revenue accounting for 33.62% in 2024, indicating a positive trend in game exports [2] - Wanka Yilian has successfully assisted numerous developers in entering emerging markets such as Southeast Asia, India, the Middle East, and South America, as well as mature markets like South Korea and Japan [2] - The overseas segment has become one of the fastest-growing areas for the company, injecting momentum for future growth [2] Future Outlook - The company is embracing the ecological changes brought by AI smartphones, such as the iPhone 17, and is collaborating with Alibaba Cloud to develop AI agents based on these devices [2] - Wanka Yilian is exploring innovations in digital assets, including stablecoin payments and RWA Token issuance, to stay ahead in the market [2] - The company is building a more resilient and multi-dimensional business ecosystem, positioning itself as a potential leader in the AI smartphone advertising sector [2]

Core Insights - The company reported strong financial performance for the first half of 2025, with revenue reaching RMB 1.713 billion, a year-on-year increase of 39.0% [1] - Gross profit was RMB 177 million, up 29.2% year-on-year, while adjusted EBITDA was RMB 73.9 million, reflecting a 7.6% increase [1] - Adjusted net profit stood at RMB 51.8 million, marking a 10.3% year-on-year growth [1] Business Expansion - The company's overseas strategy has expanded its business footprint beyond China, with overseas revenue now exceeding half of the domestic market revenue for Chinese game developers [1] - There is potential for further growth in the overseas revenue segment, which could become a major source of income for the company [1] Strategic Partnerships and AI Development - The company is currently engaged in mobile advertising service strategic partnerships with six leading smartphone manufacturers, including Huawei, Xiaomi, OPPO, vivo, Honor, and Apple [1] - Increased investment in AI research and development has significantly enhanced the effectiveness of mobile advertising, strengthening business partnerships and core competitiveness [1] Future Growth Areas - The company's AI precision marketing and advertising business will continue to focus on the mobile gaming sector while also exploring other new growth areas [2] - To achieve rapid expansion in potentially high-growth new business areas, the company will consider internal team development, incubation, or external acquisitions [2]

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides essential details about the company's governance structure, including board members, committee compositions, and key corporate information [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The Board of Directors comprises executive and independent non-executive members, with recent changes including a new appointment and a resignation - Mr. Meng Jincong was appointed as an executive director on May 7, 2025[4](index=4&type=chunk) - Mr. Nie Xin resigned as an executive director on May 7, 2025[4](index=4&type=chunk) [Committee Composition](index=3&type=section&id=Committee%20Composition) Details the composition of the Audit, Remuneration, and Nomination Committees, highlighting recent appointments to the Nomination Committee - Mr. Chen Baoguo and Ms. Jiang Yu were appointed as members of the Nomination Committee on June 26, 2025[5](index=5&type=chunk) [Key Corporate Details](index=4&type=section&id=Key%20Corporate%20Details) Outlines the company's auditor, legal counsel, registered and principal business offices, share registrar, and main bankers [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) The Chairman's Statement highlights the Group's robust financial performance and strategic business advancements during the reporting period [Financial Performance](index=6&type=section&id=Financial%20Performance) The Group achieved strong financial growth in H1 2025, with significant increases in revenue and overseas income, alongside improved profitability metrics - Overseas income doubled year-on-year[14](index=14&type=chunk)[16](index=16&type=chunk) 2025 H1 Key Financial Indicators | Indicator | Amount (RMB million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Revenue | 1,712.7 | 39.0 | | Gross Profit | 176.7 | 29.2 | | Adjusted EBITDA | 73.9 | 7.6 | | Adjusted Net Profit | 51.8 | 10.3 | | Total Assets | 2,678.3 | 15.0 | | Total Equity | 1,551.0 | 9.9 | [Business Review](index=7&type=section&id=Business%20Review) The Group's business experienced explosive growth driven by a thriving gaming market, enhanced AI advertising, substantial overseas expansion, and strategic partnerships with leading smartphone manufacturers - The gaming market continued to improve, with **812** online game licenses issued nationwide in H1 2025, a five-year high[19](index=19&type=chunk)[20](index=20&type=chunk) - The application of large AI models significantly improved advertising effectiveness, creating higher value for clients and partners[19](index=19&type=chunk)[20](index=20&type=chunk) - Overseas revenue grew substantially, becoming a primary source of the Group's revenue growth[19](index=19&type=chunk)[20](index=20&type=chunk) - The Group is the only company with strategic partnerships for mobile advertising services with Huawei, Xiaomi, OPPO, vivo, Honor, and Apple simultaneously[19](index=19&type=chunk)[20](index=20&type=chunk) - The Group will continue to focus on AI-driven precision marketing and advertising in mobile gaming, while exploring new business areas through internal incubation or external acquisitions[22](index=22&type=chunk)[24](index=24&type=chunk) [Business Outlook](index=9&type=section&id=Business%20Outlook) The Group's outlook for H2 2025 focuses on omni-channel distribution, AI-driven global expansion, digital asset innovation, and proactive AI phone strategies to sustain growth - Omni-channel distribution: Deepen Android ecosystem, strengthen global expansion of Apple iOS ecosystem, and enhance cooperation with Huawei HarmonyOS, striving for H2 revenue growth similar to H1[25](index=25&type=chunk)[27](index=27&type=chunk) - AI+global expansion dual engine: Continuously increase AI R&D investment, improve precision matching of AI algorithms, and aim for further increase in overseas revenue proportion[25](index=25&type=chunk)[27](index=27&type=chunk) - Digital asset innovation: Actively explore stablecoins as a payment method and evaluate packaging some overseas accounts receivable as RWA Tokens for tiered issuance on public chains[25](index=25&type=chunk)[27](index=27&type=chunk) - Proactive AI phone strategy: Closely monitor the impact of AI phones, represented by iPhone 17, on the smart mobile terminal commercial ecosystem, viewing AI agents as the biggest business opportunity in the next five to ten years, and investing in R&D in advance[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [Appreciation](index=10&type=section&id=Appreciation) The Board expresses gratitude to all stakeholders for their contributions and reaffirms its commitment to professional development and ecosystem health [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the Group's financial results, operational performance, and key financial position changes for the reporting period [Overall Financial Performance Comparison](index=11&type=section&id=Overall%20Financial%20Performance%20Comparison) The Group reported significant year-on-year growth in revenue, gross profit, and profit for the period in H1 2025 Comparison of Financial Performance H1 2025 vs H1 2024 | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,712,662 | 1,232,052 | 39.0 | | Cost of Sales | (1,535,998) | (1,095,339) | 40.2 | | Gross Profit | 176,664 | 136,713 | 29.2 | | Other Income and Net Gains or Losses | 1,611 | 3,845 | -58.1 | | Selling and Distribution Expenses | (38,383) | (15,270) | 151.4 | | R&D Costs | (38,459) | (30,571) | 25.8 | | Impairment Loss on Trade Receivables | (2,250) | (5,218) | -56.9 | | Administrative Expenses | (28,055) | (24,627) | 13.9 | | Other Expenses and Losses | (1,202) | (2,062) | -41.7 | | Finance Costs | (8,442) | (5,967) | 41.5 | | Profit Before Tax | 61,484 | 56,843 | 8.2 | | Income Tax Expense | (9,674) | (9,852) | -1.8 | | Profit for the Period | 51,810 | 46,991 | 10.3 | | Adjusted EBITDA | 73,946 | 68,705 | 7.6 | | Adjusted Net Profit | 51,810 | 46,991 | 10.3 | [Revenue Breakdown](index=12&type=section&id=Revenues%20Breakdown) Total revenue was predominantly driven by mobile advertising services, which saw substantial growth, while other service lines experienced declines Revenue by Service Type (RMB thousand) | Service Type | 2025 H1 | % of Total Revenue | 2024 H1 | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Mobile Advertising | 1,698,982 | 99.2% | 1,190,987 | 96.6% | | Online Video Product Distribution | – | – | 20,887 | 1.7% | | Game Co-publishing | 1,276 | 0.1% | 3,283 | 0.3% | | Others* | 12,404 | 0.7% | 16,895 | 1.4% | | **Total** | **1,712,662** | **100%** | **1,232,052** | **100%** | - Mobile advertising services revenue increased by **42.7%**, primarily due to an increase in the number of mobile games promoted[38](index=38&type=chunk)[40](index=40&type=chunk) - Game co-publishing services revenue decreased from **RMB 3.3 million** to **RMB 1.3 million**, with **76** mobile games co-published as of June 30, 2025[49](index=49&type=chunk)[50](index=50&type=chunk) [Mobile Advertising Services](index=13&type=section&id=Mobile%20Advertising%20Services) Mobile advertising services revenue surged, particularly in non-mobile game distribution, reflecting successful diversification beyond gaming applications Advertising Revenue Breakdown by Source (RMB thousand) | Source | 2025 H1 | % of Total Revenue | 2024 H1 | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Mobile Game Distribution | 1,426,683 | 84.0% | 1,188,845 | 99.8% | | Non-Mobile Game Distribution | 272,299 | 16.0% | 2,142 | 0.2% | | **Total** | **1,698,982** | **100%** | **1,190,987** | **100%** | - Mobile game distribution revenue increased by **20.0%**, mainly due to an increase in the number of mobile games promoted and new distribution channels[44](index=44&type=chunk)[45](index=45&type=chunk) - Non-mobile game distribution revenue surged by **12,866.7%** from **RMB 2.1 million** to **RMB 272.3 million**, primarily due to an increase in the number of mobile applications promoted[44](index=44&type=chunk)[45](index=45&type=chunk) [Cost of Sales and Gross Profit](index=15&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) Cost of sales increased in line with revenue, leading to gross profit growth, though the gross profit margin slightly declined due to higher traffic acquisition costs - Cost of sales increased by **40.2%** to **RMB 1,536.0 million**, in line with revenue growth[52](index=52&type=chunk)[56](index=56&type=chunk) - Gross profit increased by **29.3%** to **RMB 176.7 million**, primarily driven by increased transaction volume in mobile advertising business[53](index=53&type=chunk)[57](index=57&type=chunk) - Gross profit margin decreased by **0.8 percentage points** to **10.3%**, mainly due to rising traffic acquisition costs[54](index=54&type=chunk)[57](index=57&type=chunk) [Operating Expenses](index=15&type=section&id=Operating%20Expenses) Operating expenses saw varied changes, with significant increases in selling and distribution costs and R&D, while impairment losses on trade receivables decreased - Selling and distribution expenses increased by **151.0%** to **RMB 38.4 million**, mainly due to increased marketing and advertising expenses for overseas distribution channels[59](index=59&type=chunk)[64](index=64&type=chunk) - R&D costs increased by **25.8%** to **RMB 38.5 million**, primarily due to increased system development expenses[60](index=60&type=chunk)[65](index=65&type=chunk) - Impairment loss on trade receivables decreased by **55.8%** to **RMB 2.3 million**[61](index=61&type=chunk)[66](index=66&type=chunk) - Administrative expenses increased by **14.2%** to **RMB 28.1 million**, mainly due to increased staff costs[62](index=62&type=chunk)[67](index=67&type=chunk) - Finance costs increased by **41.5%** to **RMB 8.4 million**, primarily due to increased bank borrowings[70](index=70&type=chunk)[74](index=74&type=chunk) [Profit for the Period](index=17&type=section&id=Profit%20for%20the%20Period) The Group's profit for the period increased by 10.3%, reflecting the combined impact of revenue growth and expense management strategies - Profit for the period increased by **10.3%** to **RMB 51.8 million**[72](index=72&type=chunk)[76](index=76&type=chunk) [Non-HKFRS Measures](index=18&type=section&id=Non-HKFRS%20Measures) Adjusted EBITDA and adjusted net profit are presented as supplementary measures to provide a clearer view of core financial performance, both showing positive growth - Adjusted EBITDA is defined as profit for the period excluding depreciation, amortization, finance costs, income tax, and share-based payment expenses[79](index=79&type=chunk)[82](index=82&type=chunk) - Adjusted net profit is defined as profit for the period excluding share-based payment expenses[79](index=79&type=chunk)[82](index=82&type=chunk) Adjusted EBITDA and Adjusted Net Profit (RMB thousand) | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit for the Period | 51,810 | 46,991 | | Add: Depreciation | 3,336 | 4,536 | | Add: Amortization of Intangible Assets | 684 | 1,359 | | Add: Finance Costs | 8,442 | 5,967 | | Add: Income Tax Expense | 9,674 | 9,852 | | **Adjusted EBITDA (Unaudited)** | **73,946** | **68,705** | | **Adjusted Net Profit (Unaudited)** | **51,810** | **46,991** | [Selected Financial Information from Consolidated Statement of Financial Position](index=20&type=section&id=Selected%20Financial%20Information%20from%20Consolidated%20Statement%20of%20Financial%20Position) Key balance sheet items showed changes including decreased cash, increased bank borrowings, and growth in net current assets and total equity Selected Consolidated Statement of Financial Position (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 530,370 | 602,813 | -12.0 | | Bank Borrowings | 619,670 | 567,670 | 9.2 | | Current Assets | 2,552,491 | 2,225,849 | 14.7 | | Current Liabilities | 1,124,176 | 912,885 | 23.1 | | Net Current Assets | 1,428,315 | 1,312,964 | 8.8 | | Total Equity | 1,551,006 | 1,411,795 | 9.9 | - The decrease in cash and bank balances was mainly due to increased prepayments for data traffic to meet future development needs[88](index=88&type=chunk)[90](index=90&type=chunk) - The increase in bank borrowings was primarily due to increased external loans for business expansion[89](index=89&type=chunk)[91](index=91&type=chunk) - The increase in current assets was mainly due to an increase in trade receivables and prepayments, deposits, and other receivables[92](index=92&type=chunk)[94](index=94&type=chunk) - The increase in total equity was mainly due to net profit generated during the period[93](index=93&type=chunk)[95](index=95&type=chunk) [Key Financial Ratios](index=22&type=section&id=Key%20Financial%20Ratios) Key financial ratios indicate a slight decrease in liquidity and adjusted net profit margin, alongside an increase in the gearing ratio Key Financial Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio (times) | 2.3 | 2.4 | | Gearing Ratio (%) | 42.1 | 39.4 | | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Adjusted Net Profit Margin (%) | 3.0 | 3.8 | - The decrease in current ratio was mainly due to an increase in current liabilities, driven by higher bank borrowings and trade payables[99](index=99&type=chunk)[105](index=105&type=chunk) - The increase in gearing ratio was mainly due to an increase in total liabilities[100](index=100&type=chunk)[106](index=106&type=chunk) - The decrease in adjusted net profit margin was mainly due to a decrease in gross profit margin[101](index=101&type=chunk)[107](index=107&type=chunk) [Capital Expenditure and Investments](index=23&type=section&id=Capital%20Expenditure%20and%20Investments) Capital expenditure increased in H1 2025, primarily for property, plant, equipment, and intangible assets, with funding expected from internal and external sources - Capital expenditure for H1 2025 was **RMB 624,000**, an increase from **RMB 505,000** in the same period of 2024[102](index=102&type=chunk)[108](index=108&type=chunk) - The Group expects to fund working capital and other capital requirements through internal resources and external financing[103](index=103&type=chunk)[109](index=109&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk from USD and HKD due to its PRC operations, with no hedging activities undertaken during the period - The Group's subsidiaries primarily operate in China and are exposed to foreign exchange risk from USD and HKD[104](index=104&type=chunk)[110](index=110&type=chunk) - No hedging measures were implemented to mitigate foreign currency fluctuations for the six months ended June 30, 2025[104](index=104&type=chunk)[110](index=110&type=chunk) [Investments and Acquisitions](index=24&type=section&id=Investments%20and%20Acquisitions) The Group made strategic investments during the period, including a capital injection into Hainan Kunchuang and participation in a private equity fund, with no other major investment plans - The Group holds no significant equity investments in other companies and has no future plans for major investments and capital assets[112](index=112&type=chunk)[113](index=113&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) - On January 26, 2025, a **RMB 49 million** capital injection into Hainan Kunchuang Technology Co., Ltd. for a **49%** equity stake was completed on February 12, 2025[114](index=114&type=chunk)[119](index=119&type=chunk) - On February 7, 2025, Joyy Inc., as a limited partner, committed **RMB 50 million** to establish Chongqing Jiangbei Rongka Private Equity Investment Fund Partnership, completed in April 2025[115](index=115&type=chunk)[119](index=119&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) This section covers various corporate and financial disclosures, including asset pledges, dividends, shareholder interests, and governance practices [Pledge of Assets and Contingent Liabilities](index=25&type=section&id=Pledge%20of%20Assets%20and%20Contingent%20Liabilities) Certain bank deposits of the Group are pledged as collateral for bank borrowings, and as of June 30, 2025, the Group had no significant contingent liabilities - Certain pledged bank deposits serve as collateral for the Group's bank borrowings[121](index=121&type=chunk)[126](index=126&type=chunk) - As of June 30, 2025, the Group had no significant contingent liabilities[122](index=122&type=chunk)[127](index=127&type=chunk) [Interim Dividend](index=25&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[123](index=123&type=chunk)[128](index=128&type=chunk) [Directors' and Substantial Shareholders' Interests](index=25&type=section&id=Directors'%20and%20Substantial%20Shareholders'%20Interests) As of June 30, 2025, Mr. Gao Dinan held a 23.68% equity interest and Ms. Jiang Yu held a 10.06% equity interest in the company; substantial shareholder Wanka Media Limited held 13.78% beneficial interest and 9.90% controlled corporation interest, Ms. Lu Haiyan (Mr. Gao's spouse) held 23.68% spouse interest, and United Millennial Tech Limited Partnership held 9.90% beneficial interest Interests of Directors and Chief Executive in the Company | Name | Capacity/Nature of Interest | Number of Shares | Long/Short Position | Approximate % of Company's Shareholding | | :--- | :--- | :--- | :--- | :--- | | Mr. Gao Dinan | Controlled Corporation Interest; Jointly Held Interest | 419,209,300 | Long Position | 23.68 | | Ms. Jiang Yu | Beneficial Owner | 178,090,000 | Long Position | 10.06 | Interests of Substantial Shareholders in the Company | Name | Capacity/Nature of Interest | Number of Shares | Long/Short Position | Approximate % of Company's Shareholding | | :--- | :--- | :--- | :--- | :--- | | Wanka Media Limited | Beneficial Interest | 243,909,300 | Long Position | 13.78 | | Wanka Media Limited | Controlled Corporation Interest | 175,300,000 | Long Position | 9.90 | | Ms. Lu Haiyan | Spouse Interest | 419,209,300 | Long Position | 23.68 | | United Millennial Tech Limited Partnership | Beneficial Interest | 175,300,000 | Long Position | 9.90 | | PioneerHorizons Holdings Limited | Controlled Corporation Interest | 175,300,000 | Long Position | 9.90 | [Share Incentive Schemes](index=28&type=section&id=Share%20Incentive%20Schemes) The company's share incentive schemes aim to retain talent, with details on unexercised and vested restricted share units, and no new grants during the period - Under the 2016 Share Incentive Scheme, **5,805,235** restricted share units remained unexercised as of June 30, 2025[150](index=150&type=chunk)[153](index=153&type=chunk) - Under the 2019 Share Incentive Scheme, **13,137,000** restricted share units were vested and exercised but not yet transferred to employees as of June 30, 2025[161](index=161&type=chunk)[162](index=162&type=chunk) - No new restricted share units were granted or agreed to be granted under either share incentive scheme during the reporting period[150](index=150&type=chunk)[159](index=159&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) [Corporate Governance and Compliance](index=33&type=section&id=Corporate%20Governance%20and%20Compliance) The company adheres to strict corporate governance standards, complying with Listing Rules and Model Code, with no directors engaging in competing businesses - The company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and complied with all applicable code provisions in H1 2025[166](index=166&type=chunk)[167](index=167&type=chunk)[171](index=171&type=chunk) - The company has adopted the Model Code for Securities Transactions, with all directors confirming compliance and no employee breaches identified[168](index=168&type=chunk)[169](index=169&type=chunk)[172](index=172&type=chunk) - During the reporting period, no director was directly or indirectly engaged in any business that competes or is likely to compete with the Group's business[170](index=170&type=chunk)[173](index=173&type=chunk) [Issue of Equity Securities for Cash](index=34&type=section&id=Issue%20of%20Equity%20Securities%20for%20Cash) The company completed a new share placement in March 2025, generating net proceeds primarily for AI R&D and overseas business expansion - In March 2025, the company completed a placement of **244,600,000** new shares, with net proceeds of approximately **RMB 39.6 million**[174](index=174&type=chunk)[175](index=175&type=chunk) Use of Proceeds from Placement (RMB million) | Purpose | Net Proceeds | Utilized as of June 30, 2025 | Utilized During Reporting Period | Unutilized Proceeds | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Further R&D of various AI applications | 23.9 | 9.4 | 9.4 | 14.5 | 2026 | | Further development of overseas business | 11.8 | 6.3 | 6.3 | 5.5 | 2026 | | General working capital purposes | 3.9 | – | – | 3.9 | 2026 | | **Total** | **39.6** | **15.7** | **15.7** | **23.9** | | [Risk Management and Internal Control](index=35&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board ensures effective risk management and internal control systems, which are regularly reviewed by the Audit Committee and deemed effective for the period - The Board is responsible for ensuring the establishment and maintenance of adequate and effective risk management and internal control systems[177](index=177&type=chunk)[179](index=179&type=chunk) - The Audit Committee formally reviews management's work on risk management and internal control systems semi-annually and assesses their effectiveness annually[177](index=177&type=chunk)[179](index=179&type=chunk) - The company has established a risk management system, with business units regularly identifying and assessing risk factors and formulating response measures[182](index=182&type=chunk)[186](index=186&type=chunk) - The Board considers the company's risk management and internal control systems to be effective and adequate for the six months ended June 30, 2025[184](index=184&type=chunk)[186](index=186&type=chunk) [Human Resources](index=37&type=section&id=Human%20Resources) The Group employed 376 staff as of June 30, 2025, providing competitive remuneration and retirement benefit schemes for its employees - As of June 30, 2025, the Group had **376** employees[188](index=188&type=chunk)[192](index=192&type=chunk) - Employee remuneration is determined based on experience, qualifications, and market conditions, with remuneration policies set by the Board[188](index=188&type=chunk)[192](index=192&type=chunk) - Hong Kong employees participate in the Mandatory Provident Fund Scheme, while employees of PRC subsidiaries participate in state-managed retirement benefit schemes[189](index=189&type=chunk)[192](index=192&type=chunk) [Audit Committee and Review of Financial Statements](index=37&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Statements) The Audit Committee reviewed the unaudited interim financial statements, confirming their compliance with accounting standards, noting they were not audited by the company's auditor - The Audit Committee has reviewed the unaudited interim condensed consolidated financial statements and is satisfied that they comply with applicable accounting standards[196](index=196&type=chunk)[202](index=202&type=chunk) - These interim condensed consolidated financial statements have not been audited or reviewed by the company's auditor, Zhonghui Anda CPA Limited[197](index=197&type=chunk)[203](index=203&type=chunk) [Changes in Information of Directors](index=38&type=section&id=Changes%20in%20Information%20of%20Directors) Recent changes in the Board include the resignation of Mr. Nie Xin and the appointment of Mr. Meng Jincong as executive director and Remuneration Committee member - Mr. Nie Xin resigned as an executive director and member of the Remuneration Committee on May 7, 2025[198](index=198&type=chunk)[204](index=204&type=chunk) - Mr. Meng Jincong was appointed as an executive director and member of the Remuneration Committee on May 7, 2025[198](index=198&type=chunk)[204](index=204&type=chunk) [Events After the Reporting Period](index=38&type=section&id=Events%20After%20the%20Reporting%20Period) Post-reporting period, the Board intends to exercise a share repurchase mandate, with a significant number of shares already bought back - The Board intends to exercise its share repurchase mandate to buy back shares in the open market for a total amount of up to **HKD 200 million**[207](index=207&type=chunk) Details of Share Repurchases After Reporting Period | Repurchase Date | Number of Shares Involved | Total Price Paid (HKD) | | :--- | :--- | :--- | | July 7, 2025 | 800,000 | 742,500 | | July 8, 2025 | 200,000 | 150,000 | | July 9, 2025 | 890,000 | 685,800 | | July 10, 2025 | 2,650,000 | 2,058,400 | | July 11, 2025 | 5,140,000 | 4,268,200 | | July 14, 2025 | 548,000 | 422,680 | | July 15, 2025 | 7,140,000 | 5,060,310 | | July 16, 2025 | 34,000 | 23,790 | | July 17, 2025 | 2,000 | 1,550 | | July 23, 2025 | 10,000 | 7,500 | | July 25, 2025 | 200,000 | 148,000 | | July 28, 2025 | 200,000 | 146,000 | | **Total** | **17,814,000** | **13,714,730** | [Interim Condensed Consolidated Statement of Profit or Loss](index=39&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The statement presents the Group's revenue and profit for the period, showing significant year-on-year growth in both metrics Summary of Interim Condensed Consolidated Statement of Profit or Loss (RMB thousand) | Indicator | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Revenue | 1,712,662 | 1,232,052 | | Cost of Sales | (1,535,998) | (1,095,339) | | Gross Profit | 176,664 | 136,713 | | Profit Before Tax | 61,484 | 56,843 | | Income Tax Expense | (9,674) | (9,852) | | Profit for the Period | 51,810 | 46,991 | | Profit for the Period Attributable to Owners of the Company | 49,388 | 44,875 | | Non-controlling Interests | 2,422 | 2,116 | | Basic Earnings Per Share (RMB) | 0.03 | 0.03 | | Diluted Earnings Per Share (RMB) | 0.03 | 0.03 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=40&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This statement details the Group's profit for the period and other comprehensive income/loss, resulting in the total comprehensive income for the period Summary of Interim Condensed Consolidated Statement of Comprehensive Income (RMB thousand) | Indicator | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Profit for the Period | 51,810 | 46,991 | | Other Comprehensive Loss (Reclassifiable to Profit or Loss) | (90) | (1,783) | | Other Comprehensive (Loss)/Income (Not Reclassifiable to Profit or Loss) | (1,461) | 2,110 | | Other Comprehensive (Loss)/Income for the Period, Net of Tax | (1,551) | 327 | | Total Comprehensive Income for the Period | 50,259 | 47,318 | | Total Comprehensive Income for the Period Attributable to Owners of the Company | 47,837 | 45,202 | | Non-controlling Interests | 2,422 | 2,116 | [Interim Condensed Consolidated Statement of Financial Position](index=41&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The statement provides a snapshot of the Group's assets, liabilities, and equity as of June 30, 2025, highlighting key financial positions Summary of Interim Condensed Consolidated Statement of Financial Position (RMB thousand) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Total Non-current Assets | 125,817 | 102,189 | | Total Current Assets | 2,552,491 | 2,225,849 | | Total Current Liabilities | 1,124,176 | 912,885 | | Net Current Assets | 1,428,315 | 1,312,964 | | Total Non-current Liabilities | 3,126 | 3,358 | | Net Assets | 1,551,006 | 1,411,795 | | Equity Attributable to Owners of the Company | 1,413,609 | 1,325,820 | | Non-controlling Interests | 137,397 | 85,975 | | Total Equity | 1,551,006 | 1,411,795 | [Interim Condensed Consolidated Statement of Changes in Equity](index=43&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines the changes in the Group's total equity, driven by profit, share issuance, and non-controlling interest contributions during the period Overview of Share Capital Changes (RMB thousand) | Item | As of January 1, 2025 (Audited) | Profit for the Period | Exchange Differences | Issue of Shares | Contribution from Non-controlling Interests | As of June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 1,325,820 | 49,388 | (1,551) | 39,952 | – | 1,413,609 | | Non-controlling Interests | 85,975 | 2,422 | – | – | 49,000 | 137,397 | | **Total** | **1,411,795** | **51,810** | **(1,551)** | **39,952** | **49,000** | **1,551,006** | [Interim Condensed Consolidated Statement of Cash Flows](index=44&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The statement summarizes the Group's cash flows from operating, investing, and financing activities, indicating a net decrease in cash and cash equivalents Summary of Interim Condensed Consolidated Statement of Cash Flows (RMB thousand) | Activity Type | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Net Cash Flow Used in Operating Activities | (195,216) | (31,377) | | Net Cash Flow Used in Investing Activities | (311) | (12,458) | | Net Cash Flow from Financing Activities | 129,632 | 78,414 | | Net (Decrease)/Increase in Cash and Cash Equivalents | (65,895) | 34,579 | | Cash and Cash Equivalents at End of Period | 524,044 | 556,785 | [Notes to the Interim Condensed Consolidated Financial Statements](index=47&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides explanatory notes and additional details supporting the interim condensed consolidated financial statements [General Information](index=48&type=section&id=General%20Information) Provides foundational information about the company's incorporation and the Group's primary business activities - The company was incorporated in the Cayman Islands on November 7, 2014[224](index=224&type=chunk)[229](index=229&type=chunk) - The Group primarily engages in mobile advertising services, online video product distribution services, and game co-publishing services[225](index=225&type=chunk)[229](index=229&type=chunk) [Basis of Preparation and Principal Accounting Policies](index=48&type=section&id=Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) Details the accounting standards used for preparing the financial statements and confirms no significant changes from new HKFRSs - The interim condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[226](index=226&type=chunk)[230](index=230&type=chunk) - These statements have not been audited by the auditor but have been reviewed by the company's Audit Committee[228](index=228&type=chunk)[230](index=230&type=chunk) - The adoption of new and revised HKFRSs has not resulted in significant changes to the Group's accounting policies, financial statement presentation, or amounts[231](index=231&type=chunk)[233](index=233&type=chunk) [Operating Segment Information](index=50&type=section&id=Operating%20Segment%20Information) Presents the Group's four operating segments and their revenue contributions, with a significant portion from mainland China - The Group has four reportable and operating segments: mobile advertising services, online video product distribution services, game co-publishing services, and software maintenance services[235](index=235&type=chunk)[236](index=236&type=chunk) Segment Revenue by Type of Goods or Services (RMB thousand) | Service Type | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Mobile Advertising Services Revenue | 1,698,982 | 1,190,987 | | Online Video Product Distribution Services Revenue | – | 20,887 | | Game Co-publishing Services Revenue | 1,276 | 3,283 | | Software Maintenance Services Revenue | 12,404 | 16,895 | | **Total Revenue from Contracts with Customers** | **1,712,662** | **1,232,052** | - For the six months ended June 30, 2025, revenue from mainland China accounted for **97.6%** of total revenue[251](index=251&type=chunk)[252](index=252&type=chunk) [Revenue, Other Income and Gains or Losses](index=56&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains%20or%20Losses) The Group's revenue primarily stems from mobile advertising services, with total other income and gains decreasing to RMB 1,611 thousand from RMB 3,845 thousand in the prior period, mainly due to reduced conference service income Analysis of Revenue, Other Income and Gains or Losses (RMB thousand) | Item | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | **Revenue from Contracts with Customers** | | | | Mobile Advertising Services | 1,698,982 | 1,190,987 | | Online Video Product Distribution Services | – | 20,887 | | Game Co-publishing Services | 1,276 | 3,283 | | Software Maintenance Services | 12,404 | 16,895 | | **Total Revenue** | **1,712,662** | **1,232,052** | | **Other Income and Gains or Losses** | | | | Bank Interest Income | 355 | 668 | | Others | 1,256 | 49 | | **Total** | **1,611** | **3,845** | - The decrease in other income and gains was mainly due to a reduction in conference service income[255](index=255&type=chunk)[258](index=258&type=chunk) [Finance Costs](index=57&type=section&id=Finance%20Costs) The Group's finance costs increased from RMB 5,967 thousand in H1 2024 to RMB 8,442 thousand in H1 2025, primarily driven by higher interest on bank borrowings Analysis of Finance Costs (RMB thousand) | Item | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 8,116 | 5,484 | | Interest on Lease Liabilities | 326 | 483 | | **Total** | **8,442** | **5,967** | - The increase in finance costs was mainly due to increased interest on bank borrowings[259](index=259&type=chunk)[260](index=260&type=chunk) [Profit Before Tax](index=58&type=section&id=Profit%20Before%20Tax) The Group's profit before tax increased to RMB 61,484 thousand from RMB 56,843 thousand in the prior period, with major costs including service costs, depreciation and amortization, employee benefit expenses, and impairment loss on trade receivables Profit Before Tax Adjustments (RMB thousand) | Item | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Service Costs | 1,535,998 | 1,095,339 | | Depreciation and Amortization | 4,020 | 5,895 | | Employee Benefit Expenses | 45,238 | 45,099 | | Impairment Loss on Trade Receivables | 2,250 | 5,218 | | Gain on Derecognition of Leases | (237) | (16) | | Bank Interest Income | (355) | (668) | [Income Tax](index=59&type=section&id=Income%20Tax) The Group's income tax expense decreased from RMB 9,852 thousand in H1 2024 to RMB 9,674 thousand in H1 2025, mainly due to reduced taxable profit of PRC subsidiaries, some of which enjoy a preferential tax rate of 15% - Income tax expense decreased by **2.0%** to **RMB 9,674 thousand**, primarily due to a decrease in taxable profit of PRC subsidiaries[71](index=71&type=chunk)[75](index=75&type=chunk)[264](index=264&type=chunk) - Three PRC subsidiaries enjoy a preferential tax rate of **15%** for three years due to their qualification as "High and New Technology Enterprises"[265](index=265&type=chunk)[266](index=266&type=chunk) [Earnings Per Share](index=60&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted earnings per share were RMB 0.03 Earnings Per Share Calculation (RMB thousand) | Item | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company Used for Basic and Diluted EPS Calculation | 49,388 | 44,875 | | Weighted Average Number of Ordinary Shares in Issue for Basic EPS Calculation | 1,645,993,380 | 1,503,026,599 | | Dilutive Impact – Restricted Share Units | 18,942,235 | 22,716,751 | | Basic Earnings Per Share (RMB) | 0.03 | 0.03 | | Diluted Earnings Per Share (RMB) | 0.03 | 0.03 | [Property, Plant and Equipment](index=61&type=section&id=Property%2C%20Plant%20and%20Equipment) In H1 2025, the Group's total cost for acquiring property, plant and equipment was RMB 624,000, an increase from the prior period - In H1 2025, the Group's total cost for acquiring property, plant and equipment was **RMB 624,000**[273](index=273&type=chunk)[274](index=274&type=chunk) [Accounts Receivable](index=61&type=section&id=Accounts%20Receivable) As of June 30, 2025, the Group's total trade receivables increased to RMB 1,083,556 thousand from RMB 837,923 thousand as of December 31, 2024, with most receivables due within 3 months and a typical credit period of three months Trade Receivables Breakdown (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Trade Receivables | 1,140,951 | 893,264 | | Loss Allowance | (57,395) | (55,341) | | **Total** | **1,083,556** | **837,923** | Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 3 Months | 989,251 | 485,447 | | 3 to 12 Months | 88,490 | 347,573 | | 1 to 2 Years | 5,815 | 4,903 | | **Total** | **1,083,556** | **837,923** | - The credit period for major customers is generally three months, and the Group strictly controls outstanding receivables to mitigate credit risk[280](index=280&type=chunk)[281](index=281&type=chunk) [Prepayments, Deposits and Other Receivables](index=63&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, total prepayments, deposits, and other receivables amounted to RMB 1,016,068 thousand, with the current portion at RMB 933,565 thousand, primarily comprising prepayments to distribution channel suppliers Breakdown of Prepayments, Deposits and Other Receivables (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Non-current Portion** | | | | Prepayments for Equipment Acquisition | 27,184 | 6,129 | | Deposits Paid | 52,500 | 48,300 | | Rental Deposits | 2,819 | 2,432 | | **Current Portion** | | | | Prepayments | 787,596 | 667,916 | | Deposits Paid | 7,587 | 12,797 | | Other Receivables | 138,382 | 83,032 | | **Total** | **1,016,068** | **841,974** | - Prepayments primarily include advances for advertising distribution amounts to distribution channel suppliers for mobile advertising services, approximately **RMB 772,825 thousand**[285](index=285&type=chunk) [Cash and Cash Equivalents and Pledged Deposits](index=66&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Pledged%20Deposits) As of June 30, 2025, the Group's cash and bank balances were RMB 530,370 thousand, of which RMB 5,000 thousand was pledged for bank loans, with cash and cash equivalents primarily denominated in RMB Analysis of Cash and Cash Equivalents (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Cash and Bank Balances | 530,370 | 602,813 | | Less: Restricted Bank Deposits | (6,326) | (11,326) | | **Cash and Cash Equivalents** | **524,044** | **591,487** | | **By Currency Denomination:** | | | | RMB | 489,141 | 582,273 | | USD | 6,698 | 5,380 | | HKD | 28,205 | 3,834 | - **RMB 5,000 thousand** was pledged for bank loans[290](index=290&type=chunk) [Accounts Payable](index=67&type=section&id=Accounts%20Payable) As of June 30, 2025, the Group's total trade payables significantly increased to RMB 181,868 thousand from RMB 42,330 thousand as of December 31, 2024, with payables being non-interest bearing and typically settled within 60 to 90 days Ageing Analysis of Accounts Payable (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 1 Year | 170,891 | 30,692 | | 1 to 2 Years | 2,248 | 2,808 | | Over 2 Years | 8,729 | 8,830 | | **Total** | **181,868** | **42,330** | - Trade payables are non-interest bearing and generally settled within **60 to 90 days**[296](index=296&type=chunk) [Interest-Bearing Bank Borrowings](index=68&type=section&id=Interest-Bearing%20Bank%20Borrowings) As of June 30, 2025, the Group's total interest-bearing bank borrowings increased to RMB 619,670 thousand from RMB 567,670 thousand as of December 31, 2024, with most borrowings guaranteed by Mr. Gao and subsidiaries Details of Interest-Bearing Bank Borrowings (RMB thousand) | Item | Effective Contractual Interest Rate (%) | Maturity Date | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | | Bank Loans – Secured | 2.25 | 2025-2026 | 25,000 | | Bank Loans – Unsecured | 2.15-4.10 | 2025-2026 | 594,670 | | **Total** | | | **619,670** | - As of June 30, 2025, **RMB 25,000 thousand** of bank loans were secured by pledged deposits provided by the company's subsidiaries[302](index=302&type=chunk) - As of June 30, 2025, **RMB 391,000 thousand** of bank loans were guaranteed by Mr. Gao and Wanka Huanju, a subsidiary of the company[302](index=302&type=chunk) [Share Capital](index=71&type=section&id=Share%20Capital) As of June 30, 2025, the company had 1,751,401,115 ordinary shares issued with a total par value of RMB 1,554, having issued 244,600,000 new shares during the reporting period Overview of Share Capital Changes (RMB thousand) | Item | Number of Ordinary Shares Issued | Issued Share Capital | Share Premium | Total | | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 (Audited) | 1,506,801,115 | 1 | 1,851,738 | 1,851,739 | | Issue of New Shares | 244,600,000 | –* | 39,951 | 39,951 | | As of June 30, 2025 (Unaudited) | 1,751,401,115 | 2 | 1,891,689 | 1,891,691 | - During the reporting period, the company issued **244,600,000** new shares[305](index=305&type=chunk) [Share-Based Payments](index=73&type=section&id=Share-Based%20Payments) The Group operates 2016 and 2019 share incentive schemes to motivate employees; as of June 30, 2025, 5,805,235 restricted share units under the 2016 scheme remained unexercised, and 13,137,000 restricted share units under the 2019 scheme were vested and exercised but not yet transferred to employees - Under the 2016 Share Incentive Scheme, **5,805,235** restricted share units remained unexercised as of June 30, 2025[310](index=310&type=chunk)[312](index=312&type=chunk) - Under the 2019 Share Incentive Scheme, **13,137,000** restricted share units were vested and exercised but not yet transferred to employees as of June 30, 2025[316](index=316&type=chunk)[318](index=318&type=chunk) [Business Combination](index=74&type=section&id=Business%20Combination) On April 1, 2025, the Group acquired a 51% equity stake in Qimei Zhishu (Ningbo) Technology Co., Ltd. to expand its market share in advertising placement, with a cash consideration of RMB 619,806.72 - On April 1, 2025, the Group acquired a **51%** equity stake in Qimei Zhishu (Ningbo) Technology Co., Ltd., which is engaged in internet advertising placement business[317](index=317&type=chunk)[319](index=319&type=chunk) - The acquisition consideration was paid in cash, with **RMB 619,806.72** paid on August 27, 2025[317](index=317&type=chunk)[319](index=319&type=chunk) Statement of Financial Position of Qimei Zhishu (Ningbo) Technology Co., Ltd. at Acquisition (RMB thousand) | Item | Statement of Financial Position at Acquisition (Unaudited) | | :--- | :--- | | Total Assets | 46,381 | | Total Liabilities | (45,166) | | Net Assets | 1,215 | [Related Party Transactions](index=75&type=section&id=Related%20Party%20Transactions) For the six months ended June 30, 2025, Group bank loans totaling RMB 497,000,000 were guaranteed by Mr. Gao, and total remuneration paid to key management personnel was RMB 2,894 thousand - For the six months ended June 30, 2025, Group bank loans totaling **RMB 497,000,000** were guaranteed by Mr. Gao[329](index=329&type=chunk) Key Management Personnel Remuneration (RMB thousand) | Item | 2025 H1 (Unaudited) | 2024 H1 (Unaudited) | | :--- | :--- | :--- | | Short-term Employee Benefits | 2,759 | 2,867 | | Contributions to Retirement Benefit Plans | 135 | 137 | | **Total Remuneration Paid to Key Management Personnel** | **2,894** | **3,004** | [Fair Value of Financial Instruments](index=76&type=section&id=Fair%20Value%20of%20Financial%20Instruments) Management assessed that the fair values of pledged deposits, cash and cash equivalents, trade receivables, trade payables, prepayments, other receivables, and interest-bearing bank borrowings approximated their carrying amounts due to their short maturity periods, with no assets or liabilities measured at fair value at the reporting date - Management assessed that the fair values of several financial instruments approximated their carrying amounts, primarily due to their short maturity periods[332](index=332&type=chunk)[335](index=335&type=chunk) - As of June 30, 2025, and December 31, 2024, there were no assets and liabilities measured at fair value[334](index=334&type=chunk)[336](index=336&type=chunk) [Definitions](index=77&type=section&id=Definitions) This section provides clear definitions for key terms and abbreviations used throughout the report to enhance reader comprehension

格隆汇8月18日丨万咖壹联(01762.HK)宣布，将于2025年8月28日（星期四）举行董事会会议，藉以考虑 和批准（其中包括）本公司及其附属公司及合并联属实体截至2025年6月30日止六个月的未经审计简明 综合中期业绩及其发布，以及考虑派发中期股息（如有）。 ...

WANKA ONLINE INC. 萬 咖 壹 聯 有 限 公 司 * (於開曼群島註冊成立的有限公司) （股票代號：1762） 董事會會議通告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 承董事會命 萬咖壹聯有限公司* 董事長 高弟男 香港，二零二五年八月十八日 於本公告日期，本公司董事會由以下成員組成，執行董事高弟男先生、蔣宇女士、孟謹聰先生及 于丁一先生；及獨立非執行董事陳寶國先生、金永生先生及余利民先生。 1 * 僅供識別 萬咖壹聯有限公司（「本公司」）董事會（「董事會」）特此通知，將於二零二五年八月二十八 日（星期四）舉行董事會會議，藉以考慮和批准（其中包括）本公司及其附屬公司及合併聯屬實 體截至二零二五年六月三十日止六個月之未經審計簡明綜合中期業績及其發佈，以及考慮派發中 期股息（如有）。 ...

Core Viewpoint - Wanka Yilian (01762) has launched a new strategic plan titled "AI + Going Global Dual-Drive, Aiming for 10 Billion Revenue Target" during a recent strategic conference in Shenzhen, targeting a revenue goal of 10 billion yuan by 2029 through a dual approach of organic growth and external acquisitions [1] Group 1 - The company's stock rose over 8%, reaching 0.78 HKD with a trading volume of 14.55 million HKD [1] - The strategic plan emphasizes the integration of AI technology and international expansion as key drivers for growth [1] - Wanka Yilian aims to establish an AI terminal ecosystem in collaboration with mobile phone manufacturers, focusing on industries with high standardization [1] Group 2 - The company has outlined a clear business matrix and implementation roadmap to achieve its ambitious revenue target [1] - It plans to consolidate its market leadership while deepening partnerships with mobile manufacturers [1] - The dual-drive strategy is expected to facilitate rapid growth in new business segments, creating a tiered development pattern across various sectors [1]

万咖壹联(01762)涨超8%，截至发稿，涨8.33%，报0.78港元，成交额1455.38万港元。 在《生态卡位 +"AI、出海"双轮驱动，万咖壹联(01762)下半场将如何破局冲刺百亿？》中指出，面对AI 技术革命与全球化浪潮交汇，万咖壹联对外提出了"AI+出海双轮驱动，五年冲击百亿营收"的全新战略 蓝图。为实现这一跨越式发展，万咖壹联制定了清晰的业务矩阵规划与实施路径图：一方面，巩固现有 市场龙头地位，继续深化与手机厂商合作关系；另一方面，通过"拥抱 AI+ 出海新曲线"双轮驱动，实 现新业务快速增长，各板块将形成梯次发力格局。 消息面上，近期，万咖壹联在深圳举办战略发布会，正式发布"AI+出海双轮驱动，迈向百亿营收新目 标"战略，以"内生增长+对外并购"双轨模式，剑指2029年实现百亿元营收目标。万咖壹联表示，远期， 公司将提前布局AI智能体领域，配合手机厂商建立AI终端生态体系，优先进军标准化程度高的行业。 ...